Behind Lianbi Financial’s thunderstorm emerged Shanghai Songjiang SASAC
[Epoch Times December 13, 2021](Hong Kong Epoch Times reporter Dongfang Hao comprehensive report) Gu Guoping, the actual controller of Shanghai Lianbi Electronic Technology, was sentenced to life imprisonment on the crime of fundraising fraud. Three years ago, Lianbi Financial had a thunderstorm, and it was revealed that more than 83 billion yuan was illegally raised, causing 1.1 million people to lose 12.6 billion yuan. Lianbi Finance has close ties with Shanghai Phicomm. Shanghai Phicomm, founded by Gu Guoping, is called “Little Huawei”. The State-owned Assets Supervision and Administration Commission of Shanghai Songjiang District is the major shareholder of Shanghai Phicomm.
Gu Guoping was sentenced to life imprisonment for fundraising fraud
On December 8, 2021, Shanghai No. 1 Intermediate Court (hereinafter referred to as Shanghai No. 1 Intermediate People’s Court) sentenced the defendants Gu Guoping, Nong Jin, Chen Yu, Zhu Jun, Wang Jingjing, and Zhang Jimin in the case of fund-raising fraud and charged Gu Guoping with fund-raising fraud Sentenced to life imprisonment and confiscation of all personal property; Nong Jin, Chen Yu, Zhu Jun, Wang Jingjing, and Zhang Jimin were sentenced to fixed-term imprisonment ranging from 15 to 10 years for fund-raising fraud, as well as confiscation of personal property of RMB 600,000 To 5 million yuan.
The report stated that in January 2015, Gu Guoping actually controlled Shanghai Lianbi Electronic Technology (Group) Co., Ltd. (hereinafter referred to as Lianbi Company). In July of the same year, Gu Guoping asked Nong Jin to form a financial team at Lianbi Company and develop an online platform for Lianbi Financial APP to raise funds illegally. Later, in order to expand the number of Lianbi Financial APP customers, Gu Guoping used his actual operation of Shanghai Phicomm Data Communication Technology Co., Ltd. (hereinafter referred to as Shanghai Phicomm) and Lianbi to purchase electronic products such as Shanghai Phicomm’s routers and online Registered as a Lianbi Financial APP member, you can get the “0 yuan purchase” marketing activity of Lianbi Company full refund of the purchase price, attracting the public to register, and publish on the Lianbi Financial APP online platform under the actual control of the shell company Gu Guoping False asset packages and directional entrusted investment projects are the target of various wealth management products, using high interest returns and promises of guaranteed principal and interest as bait to lure the public to invest and purchase. Nong Jin, Chen Yu, Zhu Jun, Wang Jingjing, Zhang Jimin participated in company management, product design, capital allocation, system maintenance and other activities. As of the incident, the actual economic loss of more than 908,600 victims was more than RMB 9.971 billion.
Since September 2017, Gu Guoping has cooperated with China Vanguard (Beijing) Financial Services Outsourcing Co., Ltd., which is actually controlled by Gu Guoping, in the name of Shanghai Phicomm. Huaxia Wanjia Financial Service APP can get a “0 yuan purchase” marketing campaign with a full refund of the purchase price. At the same time, Gu Guoping used the aforementioned similar methods to trick the public into buying wealth management products on the Huaxia Wanjia Financial App, illegally raise funds, and instructed Zhu Jun to arbitrage and occupy. As of the incident, the actual economic loss of more than 194,200 victims was more than 2.602 billion yuan.
Public information shows that Lianbi Finance was established in 2012. It was once collectively referred to as the “Four High Rebate Platforms” with Qianbao.com, Yatang Finance and Tang Xiaoseng. The annualized return rate of some investments can be as high as 36%. Under the thunderstorm in the P2P industry, in June 2018, Lianbi Financial was filed on suspicion of illegally absorbing public deposits, and Gu Guoping was brought under control.
From February 4 to 5, 2021, the first instance of Gu Guoping, Nong Jin, Chen Yu, Zhu Jun, Wang Jingjing, and Zhang Jimin in the case of fundraising fraud was held in Shanghai No. 1 Intermediate Court.
After auditing, Gu Guoping illegally raised more than RMB 83 billion through the “Lianbi Finance” and “China Wanjia Financial Services” platforms, causing more than 1.1 million victims to lose a total of more than RMB 12 billion. Funds raised are used to redeem investors’ principal and interest, pay for operating expenses, purchase payments, and return debts.
Shanghai Phicomm, founded by Gu Guoping, is called “Little Huawei”
Gu Guoping was born in 1977, a native of Songjiang, Shanghai, and the founder of Shanghai Feixun Data Communication Technology Co., Ltd. Graduated from Shanghai Dianji University in 1998. Served as a member of the 4th Federation of Industry and Commerce in Songjiang District, Shanghai, a member of the 12th Shanghai Municipal Committee of the Chinese People’s Political Consultative Conference, vice president of Shanghai Songjiang District Young Enterprise Managers Association, and director of Shanghai Information Technology Youth Talents Association; received an EMBA degree from Fudan University in 2013 .
In his early years, Gu Guoping saved his first pot of gold by helping people build computers (assemble computers) and selling computer accessories. In 2008, he founded Shanghai Feixun to produce and sell communication equipment such as switches, mobile phones, and routers.
In the following years, Shanghai Phicomm has developed rapidly. In 2014, its operating income was close to 10 billion yuan, and its net profit was as high as 900 million yuan, making it known as the “Little Huawei”. It was also in this year that Gu Guoping began planning to merge Shanghai Feixun into the listed company Huiqiu Technology (formerly known as Beisheng Pharmaceutical) to achieve a backdoor listing.
In January 2016, Huiqiu Technology disclosed that Gu Guoping has become the actual controller of the company, holding a total of 8.79% of the equity. In the same year, Gu Guoping’s asset management plan to increase ST Huiqiu’s holdings broke out, and he was called “the first person to liquidate A-share major shareholders” by the market.
Soon afterwards, Gu Guoping transferred the controlling rights of ST Huiqiu to another capital player, the original actual controller of Pitupi, and the chairman of the board. He resigned as the chairman of ST Huiqiu. However, at the same time, Shenzhen Ruilai Jiayu Investment Enterprise (Limited Partnership) began to promote ST Huiqiu from the secondary market. In this regard, Ruilai Jiayu and Xianyan started a battle for the shell. Among them, the “1001 Wonderful Proposal” concocted by Xianyan party has attracted strong attention from the regulators and the market.
In the end, all parties involved were punished. After receiving the “largest fine in history” of 3.47 billion yuan from the China Securities Regulatory Commission, Xinyan was sentenced to 5 years in prison and a fine of 11.8 million yuan. Gu Guoping was not immune, and was banned from the securities market for life by the China Securities Regulatory Commission.
In 2019, Gu Guoping said in an exclusive interview with a reporter from e company that the loss in the capital market consumed all his chips at the time. Gu Guoping said that in 2016, he had sold a total of 2.8 billion yuan including equity and real estate to repay debts, and lost control of Shanghai Phicomm.
But Gu Guoping is still ambitious about the A-share market. In November 2017, Shanghai Bingtong Investment Management Co., Ltd. (referred to as “Shanghai Bingtong”) launched a public company Lvting Investment. Upon inquiry by the exchange, Shanghai Bingtong revealed that the funds for the placard were mainly derived from borrowings from Shanghai Kangfei, and behind Shanghai Kangfei, Gu Guoping was looming. Former Lianbi Financial shareholder Chen Haidong and Phicomm founder Gu Guoping jointly hold shares in Shanghai Kangfei Information Technology Co., Ltd., accounting for 36% and 10% respectively.
In 2018, under the thunderstorm in the P2P industry, Gu Guoping and his controlled Lianbi Finance finally broke out.
In June 2018, Lianbi Financial was filed by the Chengdu police on suspicion of illegally absorbing public deposits. In August of the same year, the Songjiang Branch of the Shanghai Public Security Bureau notified that Shanghai Lianbi Electronic Technology Co., Ltd. was investigated for the suspected illegal absorbing of public deposits. The legal representative Nong Jin fled abroad in the early morning of June 20 and was arrested abroad in August of that year. At the same time, Gu Guoping was also arrested.
Shanghai Songjiang State-owned Assets Appears Behind Gu Guoping
According to a report by the Mainland Securities Times, in addition to the marketing model of “0 yuan rebate” and “high-yield wealth management”, in the eyes of many investors, it is another major factor that attracts them to buy “wealth management” products from Lianbi Financial. It is the “invisible” endorsement of Shanghai Phicomm and the state-owned assets behind it.
From the perspective of shareholders, Shanghai Phicomm has close ties with Lianbi Financial. As the actual controller of Lianbi Financial, Gu Guoping also holds 19.45% of Shanghai Phicomm’s shares and is the second largest shareholder. Nong Jin, the legal representative of Lianbi Finance, is also Gu Guoping’s “old subordinate” in Shanghai Phicomm, and he served as the general manager of the southwest area of Shanghai Phicomm’s sales center in his early years.
In addition, the shareholders and directors of Shanghai Phicomm High School have many Songjiang state-owned assets. According to information from Tianyan, Shanghai Songjiang State-owned Assets Investment Management Group Corporation (hereinafter referred to as “Songjiang International Investment”) indirectly holds approximately 15% of Shanghai Phicomm’s shares. Li Xuemin, the legal representative of Shanghai Phicomm, was the general manager of Songjiang International Investment; Ni Xinjian, the supervisor of Shanghai Phicom, was the director of Songjiang Financial Office.
According to a report by Radio Free Asia on September 19, 2018, Lianbi Finance is a platform strongly recommended by JD.com, Gome, Suning and the three major telecom operators. All investors buy Phicomm’s routers for 0 yuan through the above channels. I came into contact with Lianbi Finance, and Shanghai Phicomm also issued a guarantee letter for all the financial products of Lianbi Financial. The money from Lianbi Financial’s lenders was lent to the upstream and downstream enterprises of Phicomm. Phicomm’s major shareholder is the Songjiang District State-owned Assets Supervision and Administration Commission.
According to the report, on June 21, 2018, the police filed a case against Lianbi Financial Investment Platform for the crime of “illegal absorbing public deposits”. However, in the case reports issued by the police on many occasions, there was no proposal for the main participant, Shanghai Feixun data. Communication Technology Co., Ltd. On the day of the incident, police officer Tang Kai, who was in charge of the Lianbi case in Songjiang, Shanghai, bluntly stated that Lianbi was Lianbi and Feixun was Feixun. Phicomm’s major shareholder is the State-owned Assets Supervision and Administration Commission, and they will not and are not qualified to investigate Phicomm. After that, investors filed petitions in Shanghai, Beijing and other places to defend their rights, but they all turned to Songjiang, Shanghai for local investigations.
The investment victim questioned that the local government is a community of interests of Lianbi Financial. Zhu Xiaotian, an investor in Maoming, Guangdong who lost 300,000, believes that the Songjiang District Government of Shanghai should explain to investors that they need to understand the truth. Another Shanghai investor, Xie Hengmei, lost 270,000 yuan. He believes that the Lianbi Financial case is a typical financial fraud case, and local governments and local SASACs have unshirkable responsibilities.
Editor in charge: Lian Shuhua#
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